G7 Pledges $50 Billion in Loans to Support Ukraine

The Group of Seven has agreed to deliver $50 billion in loans to Ukraine using frozen Russian assets, with disbursement targeted by December. These loans aim to support Ukraine amid its urgent needs and are part of a broader G7 commitment to assist the nation in its recovery efforts.

The Group of Seven wealthy democracies reached a significant agreement on Friday, pledging $50 billion in loans to Ukraine. The funds, which are derived from the earnings of frozen Russian sovereign assets, are set for disbursement starting this December.

This initiative is bolstered by a shared commitment among the G7 nations to support Ukraine amid its ongoing conflict with Russia. According to the G7 statement, these loans are expected to be repaid through future revenues generated from these immobilized assets.

The loans will be distributed through several bilateral agreements and financial institutions. Details about the installment structure reveal that they will reflect Ukraine's urgent financial needs, with a target to complete disbursement by the end of 2027.

(With inputs from agencies.)